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Honda shares soar 16%

The surge came after the auto giant announced a $7bn buyback.

Mubadala acquires stakes from GHH

It acquired an 80 percent stake in Global Medical Supply Chain.

ADNOC Drilling closes JV

It is a JV between ADNOC Drilling, SLB and Patterson UTI.

Boeing to boost 787 production

The firm will invest$1bn to ramp up production in South Carolina.

ADNOC signs deal with PETRONAS

Under the agreement, ADNOC will supply 1m tons of LNG per year.

UAE national carriers reach 603 global destinations by Q1

Abu Dhabi, UAE -- The UAE's national carriers have witnessed significant growth in their destination network, reaching approximately 603 destinations...
  • The 3% rise over 2022 reflects the rebounding aviation sector and caters to the rising demand for travel.
  • Etihad Airways has achieved significant growth, reaching approximately 76 destinations by the end of the first quarter of 2024.

UAE Central Bank forecasts GDP to grow by 4.2% in 2024, 5.2% in 2025

Abu Dhabi, UAE -- The Central Bank of the United Arab Emirates (CBUAE) expects the country's Gross Domestic Product (GDP)...
  • The Central Bank also forecasted a non-oil GDP growth of 4.7 percent in both 2024 and 2025, and an oil GDP growth of 2.9 percent in 2024 and 6.2 percent in 2025.
  • The CBUAE report anticipated that the recent introduction of a federal corporate tax is poised to further strengthen government finances.

Abu Dhabi’s non-oil economy expands 9.1%, real GDP up 3.1% in 2023

The non-oil economy contributed more than 53 percent to the total GDP, with significant growth in construction, finance and insurance,...
  • During Q4-2023, Abu Dhabi’s economy grew 4.1% compared to the same period in 2022, with non-oil sector growing by 10.4%.
  • The emirate’s GDP in 2023 achieved its best performance in terms of value in 10 years at AED1.14 trillion ($310.38 billion).

26,596 new investors join Dubai Financial Market in first quarter

The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in...
  • The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in March 2023, when 16,574 new accounts were opened.
  • This coincided with Parkin floating its shares amid exceptional interest from international and regional investment institutions, as well as individual investors in the UAE.

ROSHN Group’s first integrated community in Makkah launched

Riyadh, Saudi Arabia -- ROSHN Group has launched ALMANAR, its fifth integrated mixed-use community and its first venture in Makkah,...
  • AlMANAR's first phase will provide 4,149 residential units that will house over 17,000 people on a footprint of 2.5 million square meters.
  • ALMANAR is located at Makkah’s western gate, between the old and new expressways linking the city to Jeddah, 20 minutes from the Holy Mosque.

Agility 2023 net profit $272m

The company is recommending a cash dividend of 10 percent.
  • Full-year EBITDA was up 42.4 percent to KD 257.2 million and revenue increased 56.7 percent to KD 1.35 billion.
  • The Q4 2023 earnings of KD26 million, or 10.2 fils per share was almost in line with the same period a year earlier.

Borouge approves $1.3bn dividend for 2023

The company intends to pay $1.3bn in dividend for 2024 also.
  • Borouge recorded $1 billion in net profit in 2023 and its $607 million Value Enhance Programme contributed a significant 28 percent to 2023 EBITDA.
  • Borouge said it outperformed its regional and international peers with one of the highest EBITDA margins in the industry at 38 percent.

DEWA okays $844m dividend

In 2023, DEWA's revenue exceeded $7.8 billion, its highest ever.
  • The company's operating profit was over AED 8.7 billion and EBITDA was over AED 14.7 billion.
  • It recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh.

Emirates retains fourth most valuable airline brand status

Dubai, UAE -- UAE carrier Emirates defended its title as the fourth most valuable airline brand, with a staggering 30...
  • The UAE carrier witnessed 30 percent increase in brand value, reaching $6.6 billion, according to Brand Finance, a brand valuation consultancy.
  • Qatar Airways (brand value up 27 percent to $3.1 billion) is the second most valuable Middle Eastern brand.

ADIB closes $235m Sharia-compliant transaction to finance gas carriers

Abu Dhabi, UAE -- Abu Dhabi Islamic Bank (ADIB) has closed a sharia compliant syndicated transaction totaling AED865 million ($235...
  • This is the second tranche of $370m syndication, which will be used to finance the construction of three Very Large Gas Carriers.
  • The vessels will be dual-fuel efficient and enjoy operational, economic and environmental efficiencies through their Liquefied Petroleum Gas (LPG) engines.

Saudi Arabia sets Guinness record for largest food cluster

Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...

Latest News

Middle East renewable energy projects investments reach $75bn

London, UK -- The Middle East is moving towards investing $75.63 billion in renewable energy projects until 2030, according to...

TAQA launches new corporate identity

Abu Dhabi Energy Services will be renamed as TAQA Services.

Saudi surpasses Vision 2030 tourism target, says IMF report

Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...

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Nvidia’s forecast dampens AI enthusiasm in other tech stocks

Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
  • Nvidia loses $200 billion in market value
  • Investors' high expectations led to disappointment despite Nvidia's strong earnings

UAE national carriers fly to 606 destinations as travel demand rebounds

Abu Dhabi, UAE -- UAE national carriers continued to expand their destinations for passengers, supported by the UAE's leading position...
  • The carriers reached about 586 destinations at the end of last year 2023. The national carriers' destinations currently include more than 144 Emirates destinations.
  • flydubai flies to 125 destinations in 58 countries across Africa, Central Asia, Central and Southeast Europe, the GCC, the Middle East.

Asia shares edge up and dollar down; oil gains

Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
  • Oil prices climbed 0.8% after Israel and Hezabollah traded rocket salvos
  • The dollar slipped a further 0.5% to 143.64 yen, having fallen 1.3% on Friday